Never miss an update

Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Chinese Laundry Kristin Cavallari
Fastening: Slip On Style: Slides
Heel Type: Block Width: Medium (B, M)
Occasion: Casual Material: Leather
Pattern: Solid Color: Gold
Never miss an update

Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d - blurrypron.com

    Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d
    Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d
    Nina Venetia Ankle Strap Dress Sandals 950, Ivory Crystal, 7 USSummer Dress Party Rhinestone Peep Toe Slippers High Chunky Heels Womens ShoesStuart Weitzman Flecha Wedge Gold Womens Shoes Size 9.5 M Sandals MSRP $365Womens Unisex Open Toe Buckle Sandals High Heels Platform Stilettos US9-US13Steve Madden Womens Skinny Platform Peep Toe Sandal , Cole Haan Fenley Blue Womens Shoes Size 7.5 M Heels MSRP $150CLARKS Women's Arla Elin Slide Sandal Red/White 8 M USNaturalizer Womens Orrin Leather Open Toe Casual Platform, Black, Size 7.0NEW BORN TEPATI SLIDE SANDALS WOMENS 7 F20941 LT BROWN TAN LEATHER FREE SHIPNIB Vionic Rest Paros Women's Adjustable Sandal Orthaheel Arch Support White IMan/Woman Clarks Women's Leisa Broach Sandals Comfortable feeling a good reputation in the world Known for its excellent qualityStuart Weitzman Samoa Cava Nappa Leather Women's Flats Sandals Gold Size US 10MWomen's Clain Leather Flip Flops Rhinestone T Strap Summer Sandal Beach Shoes A6 , Clarks 26115618-019 Womens Artisan Tri Amanda- Choose SZ/Color.Birkenstock Size 9 Blue Foam Sandals New Womens Shoes , Nine West Womens Darcelle Leather Dress Sandal- Pick SZ/Color.Jack Rogers Alana Jelly Womens Flip Flop- Choose SZ/Color.Mephisto Black Shiny Leather Wedge Heel Ankle Strap Sandals Shoes 40 US 10 , Womens Suede Pump Prom Dress Sandals Rhinestone Ankle Strap High Heels Shoes SzNEW IN BOX! WOMEN'S TEVA FLATFORM UNIVERSAL EVERGLADE BLUE SANDALS SIZE 9 USJACK ROGERS 6 SANDALS White Leather Thong Sandals *EXCELLENT* SIZE 6 , Frye Dara Honeycomb Leather Studded Slingback Heels Brown Size 8.5 , Calvin Klein 34E2257-ATD Womens Evita Gladiator Sandal- Choose SZ/Color. , Joie A LA PLAGE NICE Sandals- Women's- size 6.5- silver-whiteCole Haan Women's Kathlyn Block-Heel Slingback Sandals Size 7 Black Leather , Clarks Caddell Jena Criss-Cross Sandals 233, Black, 10 US / 41.5 EU , WOMEN'S UNISEX SANDALS SNEAKERS CROCS SWIFTWATER WEBBING [204804 PEARL WHITE]Tommy Hilfiger Kitty Open Toe Casual TStrap Sandals, Medium Pink , Melissa Flip Black Wedge Platform Block Sandal Jelly 5
    Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d - blurrypron.com>Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d - blurrypron.com
    Irregular Choice Baroness Womens Silver Black Suede & Fabric Ankle Boots , FRYE BOOTS Melissa Button Back Zip Extended Calf Black Boots 76431 SZ 6.5 $388 , Puma Future Disc Lite T Men's Shoes Size 10Zara Flat Striped Mules bejewelled detail pointed toe SIZEDr. Martens 8 Hole Horsey Boot in Black 1460 PELOSO Size Brand New , NEW NATURAL COMFORT HARRIET WOMENS LEATHER MID CALF BOOTS , Women's Shoes Lanvin Beige Ballerina Flats Slip On Patent Leather 10 Inches LongCobb Hill Angelina - Women's Dress Shoes Black - 9 Medium , CALIGARIUS SPECTATOR LEATHER BALLET FLATS SIZE US 7 RARE MADE IN ITALYValentino Garavani Black Silk/Slingback/Peep Toe Pumps with Bow - 36Fly London Black Luxor Patent Leather 3 Buckle Pumps - Women's Size 40(EU)Miu Miu Brown Suede Floral Embroidery Almond Toe Bow Bumps Size 36/6 , Pierre hardy Wedge Sandals Camel Leather SizeKaty Perry Women's The Matilda Slipper Grey Size 6.5 MfnF , Valentino Women Rockstud Close Toe Wedge Sandal Shoes 41 Ivory, White , Grasshoppers Women's Janey II Sneaker Navy Stretch TwillVans Sk8 Hi ReIssue (Americana) Dress Blues Size Mens 5.5 Womens 7 New faded , Asics Men's Gel Contend 4 Running Shoes Carbon/Classic Red/BlackNIKE AIR FORCE 1 Men's Shoes (Size 9) River Rock 820266 019Nike Air Max Flair Black Neo Turquoise Sz 10.5 942236-010Nike Duel Racer Men's Running Shoes 918228-009New Mens Ankle Boots Dress Forma Black Zipper Pointed Toe Oxfords Brogues ShoesLoafer Rivet Punk Slip On Men's Casual Shoes Dance Leisure Leather Oxfords SizeLacoste, 31CAM0101-098, Alisos 116 1 CAM Off White LeatherFertini 8805-01 Plain Wholecut Oxford, Men's Dress Leather Shoes, NavyMizuno Usa Mens Women's Wave Unite 2 BK OPT Running Shoe - Choose SZ/Color , Bearpaw Women's Madison Hickory II Winter Boots Style 1808W , Noble Outfitters Muds Womens Boots Stay Cool 6" Ladies Deep Turquoise Waterproof , Muck Boots Company Kid's HALE, BLACK/HOT PINK, Neoprene Rubber Waterproof , Womens Suede Ankle Boots Side Zip Warm Shoes Ridding Pointed Toe Chunky Heels YJ ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Chinese Laundry Kristin Cavallari Womens Laundry Slide... Bahiti Chinese Leather Open Toe Casual Slide... 45a611d
    Sandals
    >
    ;